As one of the only not-for-profit multi-site providers in Washington, PRCN is well-positioned as a leader in the Seattle senior living market...
Chicago, IL (PRWEB) June 24, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $14,840,000 tax-exempt, fixed-rate Presbyterian Retirement Communities Northwest Series 2013 Bond issue. Presbyterian Retirement Communities Northwest (PRCN, or the Borrower) is a Washington not-for-profit corporation established in 1956 to develop, own, and operate senior housing communities.
PRCN’s mission is to be a faith-based organization supporting communities and services that celebrate and enrich lives. Currently, PRCN owns or controls a Foundation and three senior living communities: Park Shore, an entrance fee continuing care retirement community (CCRC) on Lake Washington; Exeter House, a rental independent and assisted living community in downtown Seattle; and Skyline at First Hill, an entrance fee CCRC on First Hill in downtown Seattle. Neither Skyline nor the Foundation will be part of the Obligated Group.
Park Shore is a 15-story community constructed in 1963 and located in a residential neighborhood directly on the shores of Lake Washington. Park Shore consists of 116 residential living apartments, 30 assisted living apartments, and a skilled nursing unit with 28 licensed beds. Exeter House is a 10-story community originally constructed in 1926 as a grand hotel; PRCN converted it for use as a senior living community when it acquired the property in 1963. Exeter House is a monthly rental senior living community, with 82 independent living units (which can be used to provide assisted living services on an “as-needed” basis) and 26 dedicated assisted living units.
The Series 2013 Bonds, along with other available funds, are being issued to (i) refund, on a current basis, all of the Borrower’s outstanding Series 1999A Bonds, (ii) pay or reimburse the Borrower for the costs of the acquisition of land and the acquisition, construction, remodeling, renovation, and equipping of existing facilities at Exeter House, Park Shore, and the Borrower’s corporate headquarters, (iii) fund a debt service reserve fund, and (iv) pay costs of issuing the Series 2013 Bonds and refunding the Series 1999 Bonds.
Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, commented, “As one of the only not-for-profit multi-site providers in Washington, PRCN is well-positioned as a leader in the Seattle senior living market. This financing reduces debt service, adds some refurbishment capital, and moves PRCN forward in its growth and redevelopment initiatives.”
Ziegler is one of the nation’s leading underwriters of financing for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.
For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system's Document Archive.
For more information about Ziegler, please visit us at http://www.Ziegler.com.